RENTAL REHAB: Before and After
Published On: March 21, 2023 Posted by: Jeremy Peterson
In the property management business, no good deed goes unpunished. In this case, a government program asked us to make exceptions on our screening criteria to house a tenant that was highly disadvantaged and working their way out of poverty. We secured a deposit equal to almost two months rent and the program guaranteed the first several months of rent. The plan was for the tenant to be on their feet and self sustaining after the first few months.
As fate would have it, the tenant did become self sufficient for a few months then fell back into taxpayer funded assistance but not through the program. The last few rent checks we received were from Rent Relief. The government program we initially worked with did not respond to my email with photographs of what the tenants left us after they moved.
The unit was in good repair when we leased it although some of the tile surfaces and Formica countertops were dated and showing their age. The tenant left a big mess, and damaged kitchen cabinets, walls, and the wood floors and casings. We felt that this was a good opportunity to do some updates while such major repairs were being made.
Here is a presentation of our work.
Kitchen improvements included a new hex tile floor with the repaired cabinets being painted a contemporary white. Granite countertops were installed with a new microwave being placed above the stove.
Another view of the kitchen.
Here you can see where the casings were removed and walls and floors were marred. Our project manager gazes incredulously at the mess the tenant has left behind. The finished product turned out out beautifully.
In the closet we updated the shelving and painted the walls and casings.
The bathroom transformed from shabby to sheikh with a new subway tile surround and hex tile flooring. We also replaced the vanity, toilet, and medicine cabinet.
This unit will present well with the new improvements. Rents are advertised $200 higher now which represents an 22% ROI on the cost of improvements made. We expect quality tenants in this space for years to come.
We are always excited to take on rental properties that need work. If you are looking for a management solution for your tired and worn out rental, give us a call at 801-390-1480.